“It’s one of the most unique recessions on record in that it was the shortest recession on record but also the deepest since the Great Depression,” said Jeremy Kronick, a co-chair of the Business Cycle Council.
Typically, two consecutive quarters of economic downturn signal the possibility of a recession, but the council doesn’t stick to that rule hard and fast. Rather, it factors in gross domestic product and employment figures when assessing the entrance into or exit from a recession.Article content Though the country went back into lockdown several times after the initial shutdown in March 2020, the economy has been resilient enough to withstand the second and third waves. GDP continued to grow, except for a two-month decline in April and May this year, and early estimates for June indicate there was a 0.7 per cent rebound. Employment growth has been more rocky, but between shutdowns, Canadian employers continued to add more people to their payrolls.
Jeremy Kronick smokin a bit too much of the chronic
Tad early to be running victory laps